Wheat futures fell below $6.7 per bushel, retreating from recent two-year highs, as doubts over a US-China trade agreement pressured prices. The decline followed a lack of confirmation from China on the Trump administration’s claim that Beijing had agreed to purchase at least $17 billion in US agricultural products annually through 2028, in addition to its existing soybean commitments. Prices had surged on Monday after the White House announced the deal, which came after talks between President Donald Trump and Chinese leader Xi Jinping in Beijing. However, China’s Ministry of Commerce stated on Wednesday that the two countries had only set a “guiding target” to expand agricultural trade, without referencing the $17 billion figure. While the agreement could boost demand for wheat and other commodities, farmers face rising costs due to higher fuel and fertilizer prices, driven by Middle East geopolitical tensions, adding volatility to the agricultural outlook.

Wheat fell to 647 USd/Bu on May 22, 2026, down 0.08% from the previous day. Over the past month, Wheat's price has risen 5.94%, and is up 19.26% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Wheat reached an all time high of 1350 in March of 2022. Wheat - data, forecasts, historical chart - was last updated on May 23 of 2026.

Wheat fell to 647 USd/Bu on May 22, 2026, down 0.08% from the previous day. Over the past month, Wheat's price has risen 5.94%, and is up 19.26% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Wheat is expected to trade at 641.95 USd/BU by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 686.80 in 12 months time.



Price Day Month Year Date
Soybeans 1,197.25 3.00 0.25% 3.23% 12.92% May/22
Wheat 647.00 -0.50 -0.08% 5.94% 19.26% May/22
Lumber 585.50 1.50 0.26% 0.34% -2.27% May/22
Cheese 1.62 -0.0020 -0.12% -3.46% -12.22% May/22
Palm Oil 4,486.00 28.00 0.63% -2.03% 17.22% May/22
Milk 16.92 0 0% 0.42% -8.93% May/22
Cocoa 3,816.75 49.75 1.32% 10.37% -61.11% May/22
Cotton 77.33 -0.648 -0.83% -2.67% 17.09% May/22
Rubber 220.80 -1.20 -0.54% 5.54% 30.27% May/22
Orange Juice 167.36 0.76 0.45% 3.31% -39.79% May/23
Coffee 271.56 -1.84 -0.67% -9.58% -24.52% May/22
Oat 366.00 5.5000 1.53% 14.20% 3.17% May/22
Wool 1,880.00 0 0% -0.79% 56.28% May/22
Rice 12.99 -0.0200 -0.15% 17.88% -1.40% May/22
Canola 750.45 -0.35 -0.05% 1.11% 4.55% May/23
Sugar 14.67 -0.23 -1.54% 5.62% -15.26% May/22
Corn 463.51 1.2646 0.27% 1.76% 0.87% May/22



Related Last Previous Unit Reference
United States Corn Stocks 9.02 13.28 Billion Bushels Mar 2026
United States Soybean Stocks 2.10 3.29 Billion Bushels Mar 2026
United States Wheat Stocks 1.30 1.68 Billion Bushels Mar 2026

Wheat
Wheat is one of the most important staple crops globally, serving as a key source of food for human consumption and animal feed. Its prices are closely monitored due to their impact on food security, inflation, and global trade flows. Wheat futures are traded on major exchanges, including the Chicago Board of Trade (CBOT), Euronext, Kansas City Board of Trade (KCBT), and the Minneapolis Grain Exchange (MGEX). Standard contracts typically represent 5,000 bushels. On the supply side, China, India, Russia, the United States, France, Australia, and Canada are among the largest producers globally. Russia is the leading exporter, followed by the United States, Canada, France, Ukraine, Australia, and Argentina. Prior to the Russian invasion of Ukraine, Russia and Ukraine together accounted for a significant share of global wheat exports. Wheat prices displayed on Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments and are intended to provide a general market reference only. These prices do not represent official benchmark prices. The data is supplied by a third party and, while efforts are made to ensure its reliability, Trading Economics does not verify the data and makes no representations or warranties.
Actual Previous Highest Lowest Dates Unit Frequency
647.00 647.50 1350.00 212.50 1977 - 2026 USd/BU Daily

News Stream
Wheat Futures Slide as US-China Trade Deal Uncertainty Weighs
Wheat futures fell below $6.7 per bushel, retreating from recent two-year highs, as doubts over a US-China trade agreement pressured prices. The decline followed a lack of confirmation from China on the Trump administration’s claim that Beijing had agreed to purchase at least $17 billion in US agricultural products annually through 2028, in addition to its existing soybean commitments. Prices had surged on Monday after the White House announced the deal, which came after talks between President Donald Trump and Chinese leader Xi Jinping in Beijing. However, China’s Ministry of Commerce stated on Wednesday that the two countries had only set a “guiding target” to expand agricultural trade, without referencing the $17 billion figure. While the agreement could boost demand for wheat and other commodities, farmers face rising costs due to higher fuel and fertilizer prices, driven by Middle East geopolitical tensions, adding volatility to the agricultural outlook.
2026-05-20
Wheat Futures Retreat
Wheat futures slipped to around $6.60 per bushel in mid-May, as investors took profits following a recent surge driven by China’s expanded commitment to purchasing US agricultural goods. Under the agreement reached after high-level talks between President Donald Trump and President Xi Jinping, China pledged to import at least $17 billion annually in US agricultural products through 2028. The deal builds on existing soybean purchase arrangements and is expected to have spillover effects that could also support demand for other commodities, including wheat. However, farmers continue to face cost pressures, with recent increases in fuel and fertilizer prices, driven by ongoing geopolitical tensions in the Middle East, raising production costs and adding volatility to the broader agricultural outlook.
2026-05-18
Wheat Futures Fall from 2-Year High
Wheat futures fell to around $6.5 per bushel, down from a two-year high of $6.8 reached on May 12, as traders took profits and reacted to the lack of new agricultural details from the US-China summit. Markets were disappointed that the first day of talks did not bring any concrete updates on grain trade. Attention also shifted back to fundamentals, including weather and supply concerns in the United States. Drought conditions have worsened in parts of Nebraska and Oklahoma, which is affecting winter wheat and newly planted corn and soybeans, even as some rainfall is expected in other growing areas. Crop scouts in Kansas also reported lower than expected yields for hard red winter wheat, estimating 39.3 bushels per acre compared with 53.3 last year. The USDA has also projected US wheat production at 1.561 billion bushels, the lowest level since 1972, highlighting ongoing supply pressure linked to dry conditions in the Great Plains.
2026-05-14